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CORRECTING and REPLACING Lyft Announces Fourth Quarter and Full-Year 2023 Results
Full-year Gross Bookings, riders reach all-time highs Lyft to host first Investor Day in June 2024 SAN FRANCISCO--(BUSINESS WIRE)-- Fifth bulleted list,
About this update from Lyft, Inc.
[{"type":"text","content":"\nFull-year Gross Bookings, riders reach all-time highs\n\n\nLyft to host first Investor Day in June 2024\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nFifth bulleted list, third bullet of release should read: Adjusted EBITDA margin expansion (calculated as a percentage of Gross Bookings) of approximately 50 basis points year-over-year. [instead of Adjusted EBITDA margin expansion (calculated as a percentage of Gross Bookings) of approximately 500 basis points year-over-year.].\n\n\nThe updated release reads:\n\n\nLYFT ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2023 RESULTS\n\n\nFull-year Gross Bookings, riders reach all-time highs\n\n\nLyft to host first Investor Day in June 2024\n\n\nLyft, Inc. (Nasdaq:LYFT) today announced financial results for the fourth quarter and full-year ended December 31, 2023.\n\n\n“In 2023, the Lyft team set ambitious goals and the results speak for themselves. We reached the highest level of annual riders in our history, delivered over 700 million rides, and helped drivers take home over $8 billion,” said CEO David Risher. “This year we’ve already launched a new pay standard for drivers and expanded Women+ Connect to over 240 markets – and it’s only February 13th. In 2024, we’ll prove that Lyft’s customer obsession will drive profitable growth.”\n\n\n“Lyft’s outstanding Q4 performance demonstrates our team’s incredible work to build a solid foundation for profitable growth,” said CFO Erin Brewer. “We’ve entered 2024 with a lot of momentum and a clear focus on operational excellence, which positions the company to drive meaningful margin expansion and our first full-year of positive free cash flow.”\n\n\nFourth Quarter 2023 Financial Highlights\n\n\n\nGross Bookings of $3.7 billion grew 17% year-over-year.\n\n\n\nRevenue of $1.2 billion grew 4% year-over-year.\n\n\n\nNet loss of $26.3 million compares with a net loss $588.1 million in Q4’22. Net loss includes $93.3 million of stock-based compensation and related payroll tax expenses. Net loss as a percentage of Gross Bookings was (0.7%) and compares with (18.4%) in Q4’22.\n\n\n\nAdjusted EBITDA of $66.6 million compares with $(248.3) million in Q4’22. Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) was 1.8% and compares with (7.8%) in Q4’22.\n\n\n\nFull-Year 2023 Financial Highlights\n\n\n\nGross Bookings of $13.8 billion grew 14% year-ov...